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For May, prices for all products will go up by 3,000 yen ($24) a tonne, with hot-dip galvanized coils climbing by 2% to 152,000 yen ($1,201) a tonne and steel bars, including rebar, rising by 3% to 102,000 yen. Prices of H beams will increase by 2.5% to 124,000 yen a tonne.

Procuring steel has also become difficult. This is expected to have a major impact on the infrastructure sector as it uses the equipment. Shortage of construction equipment can slow down infrastructure work, said VG Sakthi Kumar, managing director of Schwing Stetter (India) Private Limited.

Demand in China, which accounts for about half of global steel consumption, is now expected to remain flat this year, the association said.

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With a plan to invest over USD 1 billion in electric vehicle ambition, Mahindra in July raised INR 1,925 crores (USD 250 million) at a valuation of up to INR 70,070 crores (USD 9.1 billion) from British International Investment into its electric four wheeler business. The first of the five new electric SUVs will be launched in December 2024 starting with the India market.

The company will stop producing Jazz after October 2022 while the crossover WR-V will not be produced beyond March 2023. The carmaker will also stop the production and sale of the 4th Generation Honda City by December 2022 in the country. However, the 5th generation of the sedan will continue to be available in the market, a source in the know of things told ETAuto.

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